Pro-bitcoin U.S. Senator Cynthia Lummis has been established to the Senate banking committee. She has been talking to Janet Yellen and has outlined her plans to help the new Treasury Secretary and other U.S. lawmakers assume from that bitcoin is a great store of value. Lummis says that Yellen has an open mind on this area of study even though she currently thinks that cryptocurrencies are mainly used for illicit financing.
Senator Lummis Patterns to Convince Congress and Janet Yellen About the Benefits of Bitcoin
U.S. Senator Cynthia Lummis was appointed to the Banking, Casing, and Urban Affairs Committee last week. The committee has jurisdiction over a range of matters, including banks, banking, federal fiscal policy, currency, and financial aid to commerce and industry. Lummis was sworn in to the U.S. Senate on Jan. 3, becoming the first woman to work for as U.S. Senator from the state of Wyoming. She previously served as Wyoming state treasurer.
In an interview with Morgan Bay Digital partner Anthony Pompliano last week, the senator reiterated her view on bitcoin, stating:
I really see it as a gigantic store of value for individuals, for corporations, and for government … It is an excellent store of value and that it should be part of every specific person’s investment portfolio.
She has plans to educate other members of Congress about bitcoin. “A new financial innovations caucus” has been formed in the Senate that compel also discuss bitcoin, Lummis revealed.
The pro-bitcoin senator also looks forward to working with the Cache Department to help them understand bitcoin. “I visited with Janet Yellen, the new Treasury Secretary, on the phone the other day before her confirmation pick up,” Lummis shared, adding:
This is an area where I think that she has an open mind. She has some of the same involved withs that most do in financial technology. There are concerns about criminal or nefarious use of cryptocurrencies.
“So, it’s going to take a lot of arouse to get to where we can have an open dialogue that is free from the clutter of seeing this knee-jerk reaction to the touch on that all crypto is subject to criminal activity to a very large degree,” Lummis opined. She cited findings by blockchain analytics house Chainalysis that only 0.34% of all cryptocurrency transactions last year were related to criminal activities.
Yellen prognosticated during her confirmation hearing that cryptocurrencies are mainly used for illicit financing. She then followed up with more expansions on the subject and promised “effective” cryptocurrency regulation.
Do you think Senator Lummis will succeed in convincing Janet Yellen that bitcoin is an splendid store of value? Let us know in the comments section below.
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